A high time frame look at gold.
Main hypothesis is based on wyckoff breakout and we've managed to see price acceptance and a volume profile build out. Its had a pretty good run and needs a deep pull back to gather some liquidity and shake out the market before moving higher.
This is what I call a pop and grind, price pops out of a wyckoff range, price grinds out in which I can draw a number of potential channels with some pull back targets as a shakeout move then the next push to new highs.
Green channel is the strong momentum setup and pull back is a liquidity grab and both a bull / bear trap playing out in the whole movement which results in the explosive next leg up to the top of the channel.
Orange channel identifies a high volume node on the break out as a potential area bulls will want to defend.
Entries will be confirmed with a change of market structure on a daily time frame + a candle close above the 21EMA.
Main hypothesis is based on wyckoff breakout and we've managed to see price acceptance and a volume profile build out. Its had a pretty good run and needs a deep pull back to gather some liquidity and shake out the market before moving higher.
This is what I call a pop and grind, price pops out of a wyckoff range, price grinds out in which I can draw a number of potential channels with some pull back targets as a shakeout move then the next push to new highs.
Green channel is the strong momentum setup and pull back is a liquidity grab and both a bull / bear trap playing out in the whole movement which results in the explosive next leg up to the top of the channel.
Orange channel identifies a high volume node on the break out as a potential area bulls will want to defend.
Entries will be confirmed with a change of market structure on a daily time frame + a candle close above the 21EMA.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.